Accession Number:

AD0605069

Title:

A MIN-MAX SOLUTION OF AN INVENTORY PROBLEM,

Descriptive Note:

Corporate Author:

RAND CORP SANTA MONICA CALIF

Personal Author(s):

Report Date:

1957-06-24

Pagination or Media Count:

18.0

Abstract:

The paper is concerned with the problem of purchasing a quantity of an item in anticipation of a future demand. It is assumed that only the mean and standard deviation of the demand distribution are known. A stock level is found which maximizes the minimum profit for all demand distributions with this mean and standard deviation. This stock level is then compared with the levels obtained by assuming several specific distributions. Author

Subject Categories:

Distribution Statement:

APPROVED FOR PUBLIC RELEASE